Israel-based Teva Pharmaceutical Industries has made an offer of around $40bn to acquire US-based generic and specialty pharmaceuticals firm Mylan.

Teva has proposed to pay $82.00 per Mylan share, representing a 37.7% premium to its stock price on 7 April. Teva board of directors have unanimously approved the proposal.

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Teva Pharmaceutical Industries president and CEO Erez Vigodman said: "We have long respected Mylan’s business, and we are confident that Mylan’s board of directors and stockholders will agree that our proposal represents a significantly more attractive alternative for Mylan and its stockholders than Mylan’s proposed acquisition of Perrigo.

"Teva’s strategy has been to aggressively pursue growth opportunities that advance our goal of being a stronger, more diversified organisation with the scale and resources to drive value across our business."

"We are very satisfied with the progress Teva has made over the last year, solidifying the foundation of our company, protecting its main specialty franchises and building our engines for organic growth.

The proposed combination of both entities will create a leading company in the pharmaceutical industry, specifically in the generics segment.

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Earlier this month, Mylan made an offer to acquire Irish over-the-counter (OTC) and nutritional products maker Perrigo for around $29bn in a cash and stock deal.

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According to Teva, the proposal provides Mylan stockholders with an attractive alternative to Mylan’s proposed acquisition of Perrigo.

Teva board of directors chairman professor Yitzhak Peterburg said: "Teva’s strategy has been to aggressively pursue growth opportunities that advance our goal of being a stronger, more diversified organisation with the scale and resources to drive value across our business."

Subject to customary conditions, the proposed transaction is expected to be completed by the end of this year.